Retirement at what age, and how much $$ will you will need to retire "comfortably"?

Nurses General Nursing

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Throughout my years on AN, I have often come across discussions about salary, quality of life, saving habits, spending habits, definitions of luxury and wealth, etc. In those threads, I frequently read posts from some members who state that they have already saved so wisely that they are pretty sure that they will be able to retire "comfortably." Others haven't gotten there yet, but feel confident that with their current financial habits, they will absolutely get there.

Knowing there is no one definition of "enough" or "comfortably," I still wonder what the general consensus is.

How much do you need in your retirement account to feel confident in a comfortable retirement, and at what age do you plan to completely retire?

Too late for me, retired six months ago... please send money.

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Specializes in Critical Care.

I don't go out, I bring my breakfast and lunch everyday, I cook at home. I put money into my 401k but I have huge medical expenses so please don't judge someone when you have NO IDEA what someone goes through. I am not whining, I am stating a fact! and I don't expect anybody to rescue me.

Yes the cost of healthcare is fast becoming like the cost of LTC unaffordable for many! I advise choosing a high deductible health insurance and then maxing out your HSA. Usually the employer will give some money toward the HSA. It is ideal for younger workers who don't have health problems as you can save for the future when you will most likely need health, dental or vision care, not to mention if you plan to have children.

It is not quite so ideal for people with chronic health problems, but at least you don't have to guestimate how much to set aside as you would with an FSA and worry about losing the unspent money at the end of the year. It is not easy to get prescriptions as you have to pay full price till you reach your deductible, but you can work around by choosing $4 prescriptions at Walmart and other places. Check out costco for expensive meds as they have a fair, flat fixed rate mark up on all their meds, you don't even have to be a member. I relunctantly switched to a high deductible as I was already getting $4 prescriptions at Walmart since my copays were $10 plus with regular insurance. I don't waste money getting glasses I don't need just to use up the FSA at the end of the year. I've saved around $10,000 so far while still using my HSA to pay ongoing health expenses.

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Specializes in Med-Surg, NICU.
consult a financial advisor and put some of your OWN cash away into a sock. The way companies and stock markets are these days, do your OWN thing. Mutual funds have 3 levels. Safe, Medium, **** enjoy the ride. DO your OWN homework after you check with a financial advisor (aka sales man)

Please do not listen to this advice.

Sales people are not looking out for a person's best interest and their knowledge base is limited. It is better to either do it yourself, use a set-it-and-forget fund like a low-expense ratio Vanguard Target Fund, OR find a fee-based fiduciary.

Also, inflation will erode cash value and physicality. Putting money in a "sock" is just plain careless.

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Specializes in Ambulatory Care-Family Medicine.

I plan to retire between 60-65 depending on my health. Our house will be paid off in our late forties, student loans will be paid off this year, I have contributed to my 403B and 401K since I was 21. We own a small business on the side in addition to mine and my husbands full time jobs so we have some extra cash to pay things off or save for trips and it is a business that we can continue as long as we are mentally stable (very little physical labor involved). Unfortunately I still have another 30+ years of working (I'm only in my late 20's) and there is no telling where the economy will be by then.

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Specializes in Nursing Professional Development.
I thought I had my retirement future pretty well planned out. But then at 58 years old (4 years ago), I was having problems at work. .........

Thank you for sharing your story. We all need the occasional reminder that life might not go as we plan. It sounds like you had been saving all along and therefore, are going to be OK -- just not as financially comfortable as you had hoped to be. I hope that it all turns out well for you.

I am about your age (63), graduated in 1977 and made $4.51 per hour in my first nursing job. When I left that job after 2 years to get my MSN, if I worked night shift on the weekend and was in charge... I would earn $6.25 per hour. I thought that was great. When I graduated with my MSN 2 years later, I got a job in a large hospital in a big city, making $25,000 per year. People were impressed with that salary -- for such a young woman to be earning so much! Yep, I understand what you are saying about inflation. The money I saved back then is still in my retirement accounts, continuing to grow until I retire in the next 2 or 3 years.

Good luck to you!

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I'm 36 and already working part time as an RN the last 3 years. I'm planning to completely retire nursing at 60, maybe before. My husband and I would need to pay off our mortgage and all debts. If we retire here in CA, we would need $10k per month income in today's income. I want to be comfortable and still able to travel.

So far, we've been mixing up retirement with 401 and real estate.

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